Taylor Swift tour debacle: Ticketmaster and Live Nation may need breakup, Democratic senators say
Turmoil over Taylor Swift tickets for the entertainer's 'The Eras Tour' led to recent inquiries
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Tennessee Attorney General Jonathan Skrmetti joined 'Kennedy' to discuss his investigation into Ticketmaster after presale tickets for Taylor Swift's upcoming tour fell through.
Democratic senators are urging the Justice Department to hold Ticketmaster and owner Live Nation accountable for "failing consumers" following the controversy surrounding Taylor Swift's U.S. leg of "The Eras Tour."
Sens. Richard Blumenthal, D-Conn., Amy Klobuchar, D-Minn., and Edward Markey, D-Mass., said in a letter that the ticket sales and distribution company should be broken up if any misconduct is uncovered in an ongoing investigation.
"An investigation alone does nothing for the stakeholders already harmed by Live Nation’s market dominance and seemingly ongoing anticompetitive behavior," the lawmakers said.
The senators said authorities should consider the "strongest possible remedies," as well as investigate the state of competition in the market for live entertainment.
TAYLOR SWIFT TICKET FIASCO: TICKETMASTER CANCELS PUBLIC SALE OF 'THE ERAS TOUR' DUE TO HIGH DEMAND
Taylor Swift poses in the press room at the American Music Awards at Microsoft Theater on Nov. 20, 2022, in Los Angeles, Calif. (Sarah Morris/FilmMagic via Getty Images / Getty Images)
"If the investigation reveals that Live Nation has continued to abuse its dominant market position notwithstanding two prior consent decrees, we urge the department to consider unwinding the Ticketmaster-Live Nation merger and breaking up the company," the group added. "This may be the only way to truly protect consumers, artists and venue operators and to restore competition in the ticketing market."
Blumenthal, Klobuchar and Markey said reports of site crashes, hours-long wait times, fluctuating ticket prices and an inability to access refunds indicated that "the department’s past enforcement efforts have failed to protect competition."
Live Nation Entertainment
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LYV | LIVE NATION ENTERTAINMENT INC. | 137.76 | -0.49 | -0.35% |
Live Nation and Ticketmaster merged in 2010 after a Justice Department-brokered settlement officials said would encourage competition and send ticket prices down.
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The senators wrote the company controls an estimated 60% of the market for the promotion of major concerts and events.
They assert that Live Nation's dominant position has "repeatedly harmed consumers," with Ticketmaster prices "more than tripling" over the past two decades.
Sen. Amy Klobuchar (D-Minn.) speaks during a Senate Judiciary Committee hearing on Capitol Hill, Aug. 4, 2022. (Alex Wong/Getty Images / Getty Images)
"Put simply, artists, venues and consumers should no longer be at the mercy of a single seller. The department must act to help consumers and the market shake off the effects of this monopoly," the senators concluded.
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The Justice Department has proven in recent years much more willing to file antitrust lawsuits against giant companies.
Reuters contributed to this report.